The Gunners, who have American billionaire Stan Kroenke as their majority shareholder, reported group turnover for the year ended May 31, 2011 as £255.7million, down from £379.9million in 2010, while profit before take was also reduced from £56million to £14.8million.
However, factors such as reduced income from property sales at the Highbury redevelopment and increase of player wages have played their part, with the high-profile summer sales of captain Cesc Fabregas and Samir Nasri not taken into account in this period.
The 60,000-seater Emirates Stadium, though, continues to more than pay its way as continued improved matchday income helped to reduce the group's overall debt down from £135.6million to £97.8million, much of which is secured on low, fixed-interest rate bonds paid back over a long period against the cost of relocation in 2006.
Speaking to the club's official website, www.arsenal.com, Gazidis said: "In terms of our financial base and in terms of our platform, we are very secure - it's a good set of results again.
"We haven't seen the same kind of profits from the property side that we have seen in the past but that was entirely to be expected. Our property business is debt-free so any new sales of property do accumulate cash, which is very positive for the future.
"We didn't have the same kind of profit from player sales that we had in the previous season and that explains the slight reduction in profit, but this is a very solid, very healthy set of results and it gives us a good platform to move forward from."
Gunners boss Arsene Wenger celebrated his 15th anniversary in charge, and has found himself under the spotlight more than ever this season following a terrible opening few weeks which saw them humiliated 8-2 at Manchester United before the last international break.
Despite Arsenal's robust performance off the pitch, Gazidis accepts what happens on it will always be what comes first for the fans, who have not seen their team lift a trophy since the 2005 FA Cup.
"I think it's important to start by saying that what our fans care about is what happens on the pitch and how their club represents them," he said.
"The reason we even get into talking about the financial results is only because the financial base of the club is important for creating those two things. That's what this is all about."